Examples of Deposit Account Restriction Agreement in a sentence
Each Borrower agrees not to open any new bank account into which proceeds of Collateral are to be delivered or deposited unless concurrently with the opening of such bank account, the Borrowers enter into a Deposit Account Control Agreement, Deposit Account Restriction Agreement or Blocked Account Agreement, as applicable, with respect to such bank account.
Funds on deposit in a bank account of Borrower shall be transferred on a daily basis to the Concentration Account (or, at the Administrative Agent’s option during a Cash Control Period, to the Administrative Agent’s Bank Account) pursuant to the terms of a Deposit Account Control Agreement or Deposit Account Restriction Agreement, as applicable.
Upon receipt of any payment on an Account or other proceeds of the sale of Collateral, including checks, cash, receipts from credit card sales and receipts, notes or other instruments or property with respect to any Collateral, each Borrower shall deposit such proceeds directly into a bank account of such Borrower which is subject to a Deposit Account Control Agreement or Deposit Account Restriction Agreement, as applicable within three (3) Business Days.
Each Borrower shall, within sixty (60) days after the Closing Date, execute with each applicable depository institution a Deposit Account Restriction Agreement and such other agreements related to each bank account of Borrowers for which collections of Accounts from a Governmental Account Debtor are held as Administrative Agent may require.
At any time after the sixty (60) day period following the Closing Date, open, maintain or otherwise have any bank account, other than (a) deposit accounts that are subject to a Deposit Account Control Agreement, Deposit Account Restriction Agreement or Blocked Account Agreement, as applicable, and (b) Excluded Accounts.